CEO of The Creative Counsel Ran Neu-Ner has pledged R50-million in order to help young entrepreneurs with their businesses. The initial R10-million will be distributed during the first quarter of 2017 with the balance by the end of the year.
“Funding is the first of two major issues for startups. The second is the dire lack of mentorship,” says Neu-Ner in a press release to Ventureburn.
“The country is losing a lot of bright young people with great ideas to white and blue collar jobs because there is inadequate support yet it is this potential that could be creating more jobs and solving unemployment. This latent potential must be realised, which is where I hope to have an impact.”
Learning and networking platform Suits and Sneakers will house the fund under its Impello Incubator programme. It will also facilitate applications, assist with training, and provide mentorship to short-listed candidates.
The fund is open to those who already have a business or a business idea. Those wishing to apply will need to supply the type of business, information on the entrepreneurs, and financial details on the startup.
“I have no doubt that we will come across amazing, innovative ideas and interesting entrepreneurs who have never been given a chance to dream the impossible. I am looking forward to working with Impello, who are masters at supporting startups by offering ongoing informal education, networking events, mentorship and business resources,” concludes Neu-Ner.
The applications will be whittled down to eight who will be mentored and trained how to pitch. From there the final candidates for the funding will be chosen.
Applications can be sent to firstname.lastname@example.org.
Feature image: CafeCredit via Flickr.